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World Bank Writes Off Paul Wolfowitz
// But WB has not made up its mind yet concerning his successor
Board of the World Bank (WB) determined on Friday the fate of its president Paul Wolfowitz. He will officially resign on June 30th. The successor has not yet been chosen. However, no matter who takes up the position of WB head, it is clear the bank stands on the threshold of drastic changes.
Paul Wolfowitz (62) will prematurely leave the position of WB president. He headed one of the most influential financial organizations for only two years instead of the regular five. His resignation is due to the scandal in which his mistress was mixed. The bank’s Ethics Committee asked WB management to fire Wolfowitz. The WB board’s verdict ended the case on Friday.
The board and Wolfowitz agreed on amicable settlement: the bank acknowledges that WB president is not the only person guilty of the scandal, and Wolfowitz will voluntarily resign on June 30th.
Washington now faces the task to find a successor to Wolfowitz. It might even choose a non-US citizen. Tony Blair is frequently mentioned as a possible candidate. By a coincidence, he will leave the post of Britain’s Prime Minister on June 30th as well. Apparently, many would be satisfied, including George Bush, if that candidate is chosen.
Whoever comes, new WB president will have to carry out the bank’s drastic reform. The most important question will be where the bank should direct its annual budget (over $20 billion). The board does not have a unanimous opinion about it now. Some believe the WB should focus on combating AIDS or global warming. Others urge the bank to return to its early years and remember its first large operation, -- the implementation of the Marshall Plan in post-war Europe, which became the USA’s effective economic weapon to repel communism during the Cold War.
www.kommersant.com
All the Article in Russian as of May 19, 2007
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